By Keith Bernard
News Americas, NEW YORK, NY, Mon. July 8, 2024: I feel compelled to voice my concerns about the significant shortcomings of the Treaty of Chaguaramas, which established the Caribbean Community (CARICOM) in 1973. Although the treaty was designed to promote economic integration and cooperation among Caribbean nations, its implementation has failed to meet expectations in several key areas.
Firstly, the promise of a fully functional Single Market and Economy (CSME) remains unfulfilled. Despite numerous declarations and commitments, the movement of goods, services, capital, and labor across member states is still hampered by bureaucratic red tape, protectionist policies, and inadequate infrastructure. The lack of harmonization in regulatory frameworks and standards continues to pose significant barriers to trade and investment, undermining the region’s economic potential.
Moreover, the envisioned coordination in foreign policy and external economic relations has not materialized as expected. Member states frequently pursue divergent policies, weakening the collective bargaining power of CARICOM on the global stage. This fragmentation has been particularly evident in negotiations with external partners, where individual interests often prevail over regional unity.
The failure to address issues of governance and accountability within CARICOM institutions further exacerbates the treaty’s deficiencies. The decision-making processes are often slow and lack transparency, leading to frustration among member states and eroding trust in the organization’s ability to deliver tangible benefits. This inefficiency has impeded progress on critical initiatives such as regional security, disaster management, and climate change adaptation.
Additionally, the persistent economic disparities among member states highlight the treaty’s inability to promote equitable development. Smaller and less developed economies within CARICOM struggle to compete with larger and more advanced members, resulting in unequal distribution of resources and opportunities. The absence of effective mechanisms to address these imbalances threatens the cohesion and solidarity of the community.
To revitalize CARICOM and realize the aspirations of the Treaty of Chaguaramas, urgent and comprehensive reforms are necessary. Member states must demonstrate greater political will to implement agreed-upon measures, enhance institutional efficiency, and prioritize regional integration over narrow national interests. Strengthening governance structures, fostering public-private partnerships, and investing in critical infrastructure are essential steps towards a more integrated and prosperous Caribbean.
The vision of a united and economically vibrant Caribbean remains within reach, but it requires a renewed commitment from all stakeholders to overcome the current challenges. Only through genuine collaboration and decisive action can the Treaty of Chaguaramas fulfill its original promise and create a brighter future for the people of the Caribbean.
EDITOR’S NOTE: Keith Bernard is a Guyanese born analyst and frequent contributor to News Americas
